I am nearing exchange of contracts for my house in Cromer and the estate agent has just text me to advise that the buyers are switching property lawyer. I am told that this is due to the fact that the mortgage company will only work with solicitors on their approved list. On what basis would a big named mortgage company only work with certain law firms rather the firm that they want to select for their conveyancing in Cromer ?
Banks have always had panels of law firms that can act for them, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Banks point to the increase in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any impact on this.
Would the conveyancing practitioners that you recommend handle auction conveyancing in Cromer?
We know of a few niche lawyers we can connect you with those conducting auction conveyancing. Cromer is just one of the many locations where our lawyers cover.
How can we know in advance if a Cromer conveyancing solicitor on the Principality panel is any good?
When it comes to conveyancing in Cromer obtaining recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the solicitor carrying out your transaction.
Two weeks ago we had a mortgage agreed in principle with Kent Reliance. Cromer conveyancing practitioners are chosen. How long does it take for Kent Reliance to send the offer to the solicitor?
There is no definitive answer here. Have Kent Reliance completed the valuation? Have you informed Kent Reliance as to your lawyers' details and checked that your lawyers are on the Kent Reliance conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
My offer was accepted on a house in Cromer on 2/2/2023, valuation was booked 4 days later, all came back fine. Conveyancer instructed, so all that was missing was my mortgage offer. Having made daily calls to UBS and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the UBS conveyancing panel. Can the lender hold off the offer?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for UBS to deal with your lawyer's application to be on the UBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
A friend recommended that if I am purchasing in Cromer I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is sometimes included in the estimate for your Cromer conveyancing searches. It is a large report of more than thirty pages, listing and setting out significant information about Cromer around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful information concerning Cromer.
Over the last few months I have been searching for a flat up to £235,500 and identified one near me in Cromer I like with open areas and railway links in the vicinity, however it's only got 49 remaining years left on the lease. I can't really find anything else in Cromer suitable, so just wondered if I would be making a mistake buying a short lease?
If you require a home loan the remaining unexpired lease term will likely be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
Am I better off to choose a Cromer conveyancing practitioner who is local to the property I am buying? An old friend can deal with the legal work but her office is a couple of hundredkilometers drive away.
The benefit of a high street Cromer conveyancing firm is that you can visit the firm to execute paperwork, hand in your ID and apply pressure on them if necessary. They will also have local knowledge which is a benefit. That being said nothing is more important than finding someone that will do a good and efficient job. If you know people who instructed your friend and on the whole were happy that should trump using an unfamiliar Cromer conveyancing solicitor solely due to them being Cromer based.